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The Food Trucks Market size is estimated to increase by USD 1.95 billion, at a CAGR of 7.44% between 2023 and 2028. The growth of the food trucks market size is influenced by various factors, including the burgeoning popularity of street foods, accelerated urbanization trends, and the attractive low capital investment needed to enter the market. As street foods gain increasing favor among consumers for their convenience and diverse culinary offerings, the demand for food trucks rises accordingly. Moreover, the rapid urbanization observed globally provides a fertile ground for food truck businesses to thrive, catering to the bustling populations in urban areas. With comparatively lower capital requirements compared to traditional brick-and-mortar establishments, food trucks present an accessible avenue for aspiring entrepreneurs to enter the culinary market, further fueling the sector's expansion.
Market Forecast 2024-2028
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The restaurant industry is a vibrant landscape encompassing diverse culinary experiences from traditional restaurant experiences to unique food concepts found in brick and mortar restaurants and gourmet food trucks alike. Vans and buses in the buses and vans segment offer mobile dining options such as food carts and mobile food booths, catering to ice cream, barbecue food, snack food, and beverage service needs. Vegan options are increasingly popular, reflecting a growing demand for plant-based alternatives in gastronomy and meat plants. From bakery delights to fresh fruits and vegetable sellers, the emphasis is on unique meal experiences that blend innovation with culinary tradition. The restaurant industry continues to evolve with unique food concepts and diverse offerings, ensuring there's something for every palate and preference in the ever-expanding world of gastronomy.
The growing popularity of street food through vehicles is one of the major drives of market growth. Gourmet trucks are becoming more common. Gourmet street food means gourmet-style street food that is typically prepared to a high standard tastes good and is aesthetically presented. Traditionally, local cultures are often reflected in street food, and there is a wide variety of them. The food consumption pattern of consumers has changed; they prefer foods with good taste and are cheaper in price.
However, their marketing success depends on location. In Europe, street foods are most liked and promoted such as street food festivals and events. Many newcomers prefer easy operating and movable forms of shops because they have their convenience. Thus, growing food preferences and rising demand for street foods are expected to drive the global market share during the forecast period.
These services are known for the making and promotion of fast foods, barbeques, snacks, desserts, and more. Eating out has turned out to be one of the most famous forms of leisure. Going out offers a chance to socialize and relax over delicious food without having to cook or do the dreaded cleanup after dinner. Moreover, the busy lifestyle and no time for cooking food have been reasons to go out for food.
All food truck points offer different types of food menus according to the people's demand and their regional influence. In addition, these places also offer less waiting time and a great taste that makes them more demanding than restaurants. Thus, growing food truck businesses and increasing consumers' preference to eat out are the major factors that will drive the market growth and trends during the forecast period.
There are strict policies and guidelines for running a food truck business. Many food trucks are removed from the prime spots owing to high traffic due to people gathering near them, which creates heavy losses for street food vendors, affecting the market.
However, as private areas have complained of gatherings in proximity to their premises, parking permits are required for the services. These problems faced by food truck businesses are hampering the growth of the global food truck market during the forecast period.
The fast food segment will account for a major share of the market's growth during the forecast period. Fast food is the largest segment by application in terms of market share in 2022. Sandwiches, French fries, and noodles are also included in the quick meals. Factors like convenience and lower cost, as the variety of menus and flavors offered over the last few years have been leading to a significant increase in restaurant food consumption. Due to space limitations, they usually have a limited staff.
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The fast food segment was valued at USD 1.42 billion in 2018. The food truck mostly offers fast food, and its food offerings are smaller than a restaurant that may offer several cuisines. It will reduce the cost of employing several cooks. Unlike restaurants, we don't have to hire managers and servers for the cleaning of tables. The increasing working women population is significantly influencing the demand for fast foods owing to less time for doing household things.
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Europe is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In 2022, Europe had a dominant share of the global food truck market. This region witnesses a high demand as it requires minimal capital investment. Furthermore, as the interest in international cuisine has increased and there is a growing demand on the streets of the area, events such as Food festivals and street fairs have been increasing. Additionally, the demand is increasing due to the popularity of street food and beverages. The fast-food preferences among the working population and the ongoing trend of street food drive the demand for fast food from these trucks.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bostonian Body Inc. - The company offers food and catering trucks as well as food truck equipment.
We also have detailed analyses of the market’s competitive landscape and offer information on 12 market companies, including:
Custom Concessions, Delivery Concepts Inc., Food Trailers for Sale, Food Truck Co., Foodtrucker Engineering LLP, Futuristo Trailers, M and R Specialty Trailers and Trucks, MSM Catering Trucks Mfg., Roaming Hunger LLC, United Food Truck LLC, and VS Special Design srl
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
1. US - Food truck services Market by Delivery Mode, Product and Type - Forecast and Analysis.
2. Mobile Food Services Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, UK, Japan, Germany - Size and Forecast.
3. Asia-pacific (APAC) - Food Service Market by Product and Type - Forecast and Analysis.
The food service industry is a dynamic landscape encompassing a variety of establishments from quick service restaurants and commercial restaurant chains to brick and mortar restaurants and specialty beverages providers. Meat plants supply processed foods for diverse settings including college or school canteens and hotels, while snack bars and food trucks cater to on-the-go consumers at street food events and drive-through windows. Vegan options are increasingly popular among Millennials and others seeking healthier alternatives, complementing the barbecue and snacks segment. Electrically chargeable vans and customized trucks support the mobility of gourmet offerings and expandable boxes for versatile food service solutions. In tourism hotspots, motorized vehicles like buses and full-size vans facilitate mobile food operations such as processed food, shaved ice and coffee stands. Whether at land rent locations or in commercial restaurants, the industry thrives on innovation and diverse consumer preferences, adapting to changing tastes and lifestyles.
Moreover, in the realm of food service, diversity reigns supreme with options ranging from traditional brick and mortar restaurants to mobile setups like medium-sized food trucks, stands or kiosks, and drive-through windows. The meat plant industry supplies processed foods for various outlets, including confectionary shops and barbecue food vendors. Vegan options have carved out a significant niche alongside fruits and vegetable sellers, catering to health-conscious consumers. Motorized vehicles such as buses, full-size vans, and Ape trucks enable efficient mobility for food vendors, complementing the bustling food scene at beverage serve stations and other venues. Innovations like the Hanyi Machine and Ante Trailers enhance logistics and expandability in food service operations, ensuring freshness and quality. Whether enjoying a quick snack or a gourmet meal, these diverse options underscore the adaptability and creativity within the food industry to meet the varied tastes and preferences of today's consumers.
Industry Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2024-2028 |
USD 1.95 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
6.4 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 39% |
Key countries |
US, UK, Germany, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bostonian Body Inc., Custom Concessions, Delivery Concepts Inc., Food Trailers for Sale, Food Truck Co., Foodtrucker Engineering LLP, Futuristo Trailers, M and R Specialty Trailers and Trucks, MSM Catering Trucks Mfg., Roaming Hunger LLC, United Food Truck LLC, and VS Special Design srl |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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